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17 Oct, 2007 11:18

Ex-minister named boss of Russia's biggest bank

The Supervisory Committee of Russia’s largest bank, Sberbank, has named the former Economic Development Minister, German Gref, as the bank’s new chief.

Former Sberbank President Andrey Kazmin, resigned last week to head the State-owned Russian Post Office.

A Shareholders' meeting to confirm Gref's candidacy is scheduled for Nov, 28, 2007

Anton Lushnikov, International Equity Sales Trader from Metropol investment company says that Gref could bring some changes to the institution.

“Gref is a very charismatic and well-known figure. He is known in the West very well. It's fair to say he is liked, as well. Way forward will be the expansion of international business, perhaps modernization of the branches, and solving some of Sberbanks's local problems – like shortening the queues, and giving it a face-lift, et caetera,” Lushnikov says.